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Inside Politics

Hulk Hogan Dead at 71; Trump Ramps up Pressure on Fed Chair Powell to Resign; Democrats See North Carolina as Top Senate Pickup Opportunity. Aired 12:30-1p ET

Aired July 24, 2025 - 12:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

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[12:31:11]

MANU RAJU, CNN ANCHOR: Back to our breaking news, wrestling legend Hulk Hogan has died at the age of 71. He was a major figure in the world of sports, but also and in politics and also in the media.

CNN's Brian Stelter joins me live now. And Brian, talk to me about his legacy, not just in politics, as we've discussed, and of course in sports, as we've discussed, but also in the media.

BRIAN STELTER, CNN CHIEF MEDIA ANALYST: Listen, we've all learned the phrase in recent years, GOAT, you know, sports fans debate who is the goat in various fields -- in various fields. Well, Hulk Hogan was the GOAT, you know, when it comes to the world of wrestling and in the world of world wrestling entertainment. When you think about the WWE, there's that word entertainment.

And Hulk Hogan, more than any other wrestler in the 80s and 90s, knew how to put on a show. He knew how to entertain. And he really helped build the WWE into the worldwide franchise that it is today. It has become such a huge business. And that was partly on Hulk Hogan's literal back.

When I think about Hogan's legacy, I also think about his legal legacy. You were talking before the break about Hogan's politics. We know, of course, how President Trump has been very litigious lately. Well, who was it that kind of ushered in this era of celebrity lawsuits against media outlets? I would say Hulk Hogan is the person that gets that billing.

Hulk Hogan was he decided to sue a blog called Gawker about 10 years ago at this point, because Gawker published a sex tape that he was in. This lawsuit worked its way through the courts for years. It eventually bankrupted Gawker. It was a very big trial in Florida at the time. It bankrupted the blog, kicked it out of business.

And what we later learned was that the entire lawsuit was bankrolled by billionaire tech entrepreneur Peter Thiel. He was angry at another Gawker affiliated blog for outing him a number of years earlier. So, Hulk Hogan's identity, his name, it'll be remembered in many different ways, of course, for sports and for wrestling, for politics, but also for legal reasons, because he essentially was able to knock out that famous blog, Gawker, through a legal battle about a decade ago.

RAJU: Yeah, that was a very, very big deal, a shuttering of Gawker and successful in that lawsuit. And, you know, so many things, media, politics. I also remember in 2000, remember, he also had faked a presidential run appearing on "The Tonight Show" and a bit of a gag and pretending he was going for president. He didn't do it then. But, you know, Trump later said in 2024, he'd give him a position as the -- as a president's counsel on physical fitness. And that didn't really come to pass.

But, all right, Brian Stelter, thank you for that remembrance of the really important moment from Hulk Hogan's past.

All right, coming up, Trump versus the Fed. What's the purpose of Trump's visit to the central bank today? And will he meet with the Fed chairman he himself appointed but has relentlessly criticized?

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[12:38:47]

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DONALD TRUMP (R), U.S. PRESIDENT: He's a terrible -- he's a terrible Fed Chair. I was surprised he was appointed. This guy is a numbskull. He keeps the rates too high. But we have a guy that's just a stubborn mule and a stupid person. I'd love him to resign if he wanted to. He's done a lousy job. He should resign immediately. We should get somebody in there that's going to lower interest rates.

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RAJU: President Trump is taking his pressure campaign on Fed Chair Jay Powell to a new level today. Trump will be the first president to visit the Federal Reserve in almost two decades. He'll be there to tour the bank's unfinished renovations, which will cost $2.5 billion, which is roughly $700 million over budget. The White House says it is far too expensive and that Powell may have even broken the law.

But Powell says the Republican attacks are false, saying there's no new VIP dining room, no new water features, no special elevators, no lavish rooftop garden. Instead, Powell says costs are higher than because of inflation and the complexity of renovating a 100-year historic site.

Trump has said he will not fire Powell, whose term ends in May. But if he changes his mind, he could cite the renovations as a reason.

[12:40:01]

My excellent panel is back. So, this would have been probably unthinkable in another era of politics. A president relentlessly bashing the Fed Chair, telling the Fed Chair what to do. They're supposed to be independent. And here's the president going to the Federal Reserve today. It's obviously very rare for that to happen. What are you expecting from this visit today? And what is Trump trying to accomplish with this visit?

MARIO PARKER, NATIONAL POLITICS TEAM LEADER, BLOOMBERG: I mean, to your point, Manu, he's increasing the pressure campaign that he started over the last 24 months or so. I was part of a team that went down to Mar-a-Lago this time last summer. We asked the president, the then candidate, explicitly if he were to win, would he fire Jerome Powell? He said that no, at that time, he wouldn't. But what you've seen is that he's continued to toy with him. He said if he did the right thing, he wouldn't. He said that he feels as though the president of the United States should have some type of input on interest rates as well.

And so this is part and parcel of Trump's power grab to other institutions. But it's also something that's frustrated him with his economic policy, right? So, if it's a three-legged stool of OBBB, if it's the tariffs, the one thing that's stemming at the White House so far is the interest rates. That's a potential vulnerability as you look into the second half of this year as well. And in the process, what you've seen is just Trump also just float names to undercut Powell as well, whether it's Kevin Walsh or Kevin Hassett.

He's toyed with, last week, the storyline was he held up a letter with congressional Republicans that was drawn up for him to fire him. And then he said the next day, well, I didn't do that. Well, it's just a framework. I'm not going to fire him.

So, I mean, as with any employee, if your boss is toying with you like that, what are you thinking? As soon as May comes they want him to be gone.

RAJU: Yeah. And do we expect Trump to meet with Powell today? It's not clear yet.

ALAYNA TREENE, CNN WHITE HOUSE REPORTER: That's unclear. And I mean, this was a visit that was already some of the people who have really been behind this are people like James Blair, one of the White House Deputy Chiefs of Staff. Of course, Russell Vought, the Director of the White House Budget Office.

RAJU: Who's also been amping up the pressure on Powell.

TREENE: Completely, I mean, he was the one who had said they wanted to open an investigation in the first place into the spending on this. I remember when that had happened. I actually asked. I was like, because, I mean, if he did violate some of these rules and it's seen as breaking the law, that could potentially be grounds to try and fire him.

Because I'd remind you of this as well. Trump has floated and flirted, I mean, obviously openly, but privately as well with this idea of wanting to fire Powell. It is his top people in the White House who were telling him, you can't do that. Don't do that. This will create such a bigger mess for you if you do.

And that's why you're seeing him openly go to war with him. But when I talked to officials about this consistently over the last couple of weeks, they say this whole investigation into the renovation project is less about trying to find some sort of legal basis to push Powell out before his term ends, more to really embarrass him and to show in their eyes that he's doing a bad job. And I mean, I will say this does go well beyond the budget that they had, and they are looking for answers on this.

Powell is being very clear that he hasn't done anything wrong. But this visit today, of course, is all about what Trump does best, which is bringing media attention to this, trying to make this a whole show. And his, the symbolism of him going himself is obviously making this a much bigger deal.

RAJU: Yeah. No question about it. And the Trump officials, of course, have alleged that Powell lied in his congressional testimony on the renovations. Powell has denied that. He said that the cost overruns have come because of the age of the building and the materials used to build it in the 1930s, including asbestos and lead. We'll see if Trump listens to those when he meets with the Fed officials today.

But the reason why Powell does not want to cut interest rates is because they're concerned about inflation and inflation as a result of the tariffs. That is the real issue. It's just too high at the moment. And if you cut rates prices will go up.

NIA-MALIKA HENDERSON, BLOOMBERG POLITICAL & POLICY COLUMNIST: Yeah, inflation will go back up. Listen, I mean, so far, Jerome Powell seems to sort of be immune to embarrassment. Trump is clearly trying to harass him enough that he just throws up his hands and he leaves.

I think in his favor, not only is this idea if you cut rates, that's inflationary, but also Republicans see this. And to the extent that Trump was trying to bring Republicans on board with this firing, they are saying, no, this would be terrible for the economy, terrible for the markets. And the markets are already showing some jittery responses to tariffs, somewhat settled at this point.

But, you know, if he were to pull the plug on Powell, that would be a real problem. But I do think what we know going forward is whoever the replacement is, is going to do what Donald Trump tells him to do. And so the idea of an independent Fed, it's on death watch at this point, because when Powell exits in May, this person is going to do Trump's bidding.

RAJU: And part of it is Trump has been so critical of them cutting rates before the elections last year. And Trump mentioned that to you as well.

[12:45:06]

PARKER: And that was part of it, right? The warning that he had was that he shouldn't cut rates before the election because that would ostensibly help Joe Biden or then Kamala Harris as well. They did just that last fall also. So, he's saying that it's politicization of the Fed. He's also looking at it as a double standard, right? Whereas Powell cut inflation -- excuse me, cut interest rates last fall, but is also invoking right now, not cutting interest rates and invoking this tariff program, again, a centerpiece of Trump's economic portfolio.

RAJU: Yeah.

TREENE: Yeah. Well, I was going to say, and at the heart of it is what you said earlier, which I think is the most important point, is that the president knows the economy is one of the biggest issues that is going to define his legacy. And he genuinely believes that Powell doing this is ruining his chances of creating this great economy that he has talked about repeatedly. And so it's something that is out of his control that he obviously very much doesn't like. And that's at the heart of all of this.

RAJU: And as you know, as Trump's politics, he likes scapegoats and Powell has become one. We'll see how Powell responds to this visit today.

All right, up next, a big announcement in North Carolina's Senate race. President Donald Trump's first choice, Lara Trump, is out. So, what does that mean for the campaign ahead?

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[12:50:42]

RAJU: And back to the breaking news, wrestling icon Hulk Hogan has died at the age of 71. Hogan was a prominent supporter of the Trump- Vance ticket, and the vice president just posted this on X, saying, "Hulk Hogan was a great American icon. One of the first people I ever truly admired as a kid. The last time I saw him, we promised we'd get beers together. Next time we saw each other. The next time will have to be on the other side, my friend. Rest in peace."

Now, to a very different story. Now, the blockbuster Senate race taking shape in North Carolina. This morning, Trump's daughter-in-law, Lara Trump, said she will not run after heartfelt discussions with family and friends. Instead, sources tell CNN that Republican Party Chair Michael Whatley will launch a campaign with President Trump's backing.

On the other side, sources tell CNN that Democrats will get the men they wanted badly for that marquee race. Former Governor Roy Cooper, who's set to announce his candidacy next week.

We're back here around the table. This is going to be a blockbuster race. This is just looking at North Carolina, Trump versus Harris. How did they do in 2024? Trump narrowly won that race by a handful of points. It was still hotly, hotly contested. But for Democrats, this is a tough terrain. Even with Roy Cooper in this race, apparently going to get in this race. Look at the last time a Democrat won in North Carolina was Kay Hagan back in 2008. And that was the Obama year, the big wave year. North Carolina will, no matter who the candidate is, this is going to be a big challenge.

HENDERSON: Yeah, listen, it is Democrats' white whale in so many ways. I think they give themselves a chance with you say it's pronounced Cooper. I always thought it was Cooper. A popular governor went out of office with something like a 57% approval rating. So, that is good. I think for Democrats, it would have been better if it was Lara Trump.

Now, they have Whatley, who, of course, is going to get Trump's blessing and is going to be bankrolled. He is in tight with lots of donors. His name recognition probably isn't what Cooper -- Cooper is in North Carolina. But it's going to be a tight race. I think North Carolina was a heavy place of organizing for Democrats this last go- round. They've got a really young woman who heads the Democratic Party down in North Carolina. She's kind of dynamic. They've got all those HBCUs. They have the formula and the DNA for Democrats, but they haven't been able to get it done on the senatorial side in a long time.

RAJU: Yeah. You know, I think Republican leaders probably may view Michael Whatley as perhaps a stronger candidate than Lara Trump. But Trump wanted, the president wanted, Lara Trump to do it. At least he had suggested that publicly.

TREENE: Yeah. He encouraged her to run for it. Yeah, when I chatted with some of the sources I spoke with this morning about this, they said that essentially the president has already said that he would give Whatley his blessing to run, of course, because Lara Trump decided that she was opting out to run in this race.

And he was in many ways. I mean, Whatley was a known figure before, but not even close in comparison to what he is known now. And that's all because of Trump himself. I mean, Trump was the one who kind of catapulted him to the top of the RNC, if you remember all that drama with Ronna McDaniel last -- in last spring, and when the president was running, they kind of used Whatley and then Lara Trump as the RNC co- chair to reshape it.

And he's become such a big figurehead. And I know a lot of the Trump people consider themselves very, very close to him, having a good relationship.

RAJU: Yeah. That field will be clear just to look at the likely candidates in that race. It likely will be cleared on the Republican side, especially if Trump is indeed behind Whatley. There will be a primary if Cooper gets into this race against Wiley Nickel. Of course, the former governor would be seen as the heavy favorite there in that primary. But the map overall to get back in the Senate is very difficult for Democrats. Get back in the majority. They need to pick up four seats. Let's just give them -- let's say they pick up North Carolina. They're still going to beat Susan Collins, assuming she runs.

Always tough. They don't have their candidate yet. The Democrats don't in that race. And where do they pick up the other seats? I mean, Iowa is going to be really hard. If Joni Ernst does decide to run, even if she doesn't run, Iowa is tough.

There is a building primary in Texas that could be a problem for the GOP, with John Cornyn against Ken Paxton. That could help the Democrats in the general election, potentially. But getting to four --

[12:55:10] TREENE: No way in Texas.

RAJU: Yeah, Texas is Texas.

TREENE: Yeah.

RAJU: And then getting to four is going to be very difficult.

PARKER: And -- and the map is -- I mean, to your point, the map is just really, really tough, right? And in some ways, I mean, the worst- case scenario would be for Democrats that North Carolina is essentially a hedge for Georgia, right? Both of those are part of the party.

RAJU: Yeah. They've got to defend Georgia.

PARKER: They've got to defend Georgia. That's a tough race with Jon Ossoff there. And similar to Georgia, Democrats have looked at North Carolina, to Nia-Malika's point, as the demographics, the formula, as that white whale, that next step.

Cooper -- Cooper is quite popular. Recall that he was on Kamala Harris' short list for vice president last year as well. It just shows just how centrist and how popular he is. A good job by Senator Gillibrand to recruit him as well as a candidate. But I mean, Democrats have also eyed Maine and the Collins seat as well.

RAJU: Yeah, there's a lot they've got to defend, not just Georgia, but New Hampshire, Michigan, maybe Minnesota. They'll probably favor there. All right, great discussion, guys.

Thanks for joining Inside Politics. CNN NEWS CENTRAL starts after a very quick break.

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